Value and Price: An Extract from Capital and Interest by Eugen von Böhm-Bawerk

Value and Price: An Extract from Capital and Interest by Eugen von Böhm-Bawerk

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Two Extracts from Capital and Interest: Value and
PriceValue and Price is an extract from the Positive Theory.
It builds a framework for market economics, for it is through value and
price that the people give purpose and aim to the production process.
Regardless of their motivation, whether material or ideal, noble or base,
the people judge goods and services according to suitability for the desired
objectives. People ascribe value to consumer goods and thus determine
prices; according to Böhm-Bawerk's irrefutable "imputation theory,"
they also indirectly determine the prices of all factors of production,
and the income of every member of the market economy. An important basic
text for every student of economics.

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